How To Avoid Losing Money While Buying a Salvage Car at Auction?

Buying a Salvage Car at Auction: Salvage cars are sold at a very low rate compared to the vehicle’s market price, as they are declared a total loss by an insurance company. That is why you must estimate the additional repair cost to avoid going over budget. The best place to buy a salvage car without losing money is a salvage auto auction like A Better Bid.

To get more tips that help you save money while buying a car from salvage auto auctions, keep reading!

Buying a Salvage Car at Auction

Set A Budget

Budget is one of the most important factors to consider to save money when buying a car. It guides you in vehicle selection by helping your focus on listings that come in your price range and according to your needs. Moreover, it will prevent you from spending more than the budgeted amount.

Another important reason for creating a budget is that salvage cars need to be fixed to obtain a rebuilt title. You cannot drive a salvaged car due to safety hazards. So, you would also have to include repair costs in the budget. Otherwise, you will be low on repair money.

Research The Vehicle Make and Model

Salvage auto auctions have a massive vehicle inventory to help you choose the car that fits your need and pocket, such as ABB, which has 300,000+ automobiles in inventory. However, a lot of options can also become overwhelming sometimes if you join an auction without prior research. As a result, you may end up buying a car that is not a good deal for you in the long run.

For example, you may buy a sports car because of its excellent condition and low price. But if you need to buy an SUV, purchasing a sports car will be a bad investment (regardless of securing a good deal).

READ: Leasing vs. Buying Business Equipment – Key Considerations

That is why you must research and check the vehicle listings on the car auction website. It will help you narrow down your search and focus on a car that is also in your price range.

Choose A Reliable Salvage Auto Auction

A reliable auto auction provides complete information about the vehicle and makes buying easier. Therefore, visit the platforms mentioned below to find your next car.

A Better Bid

A Better Bid (ABB) is an online auto auction that provides salvage, clean, rebuilt, and classic title cars at wholesale rates. The auction is open to everyone and lists a huge variety of vehicles. You don’t have to engage with any middle party to buy a car.

ABB is a Copart registered broker that offers a wide vehicle collection that includes cars, SUVs, motorcycles, trucks, RVs, boats, jet skis, and so much more. The entire auction process occurs online, allowing you to buy a car from the comfort of your home. All you need to do is visit the ABB website, create an account, obtain buying power, select a vehicle, and bid.

You can also request a vehicle history report (service available for pro and premium members) to check odometer readings, previous owners, car title, and other details. Once you select, bid, and win the auction of your preferred vehicle, pay the entire money in 2 to 3 business days. Then order delivery, and ABB will deliver the car to your doorstep anywhere in the USA. If you want to ship worldwide, ABB will transport the car to the port of the respective country, and you can receive it from there.

Speeds Auto Auction

Speeds Auto Auction is an auto auction located in Portland. It is open to the public and shows 200 cars for bidding. The auction starts every Tuesday at 8 AM, and you have to pay a $20 registration fee to become a part of it. You also have to pay 17% of the vehicle price as a buyer’s fee (of which $500 will be deposited beforehand).

After winning the bid, the total car amount must be paid by 5 PM on the auction day, or you will be charged a $50 fee per day. Once you buy an automobile, you cannot change the name on registration papers. Speeds Auction will create the documents on the ID you used to register your account.

Birmingham Auto Auction

Birmingham Auto Auction is a public auction that occurs every last Thursday of the month at 6 PM. It is an onsite auction that is organized in Hueytown, Alabama. All buyers need to register through the Birmingham Auction office and attain a bidders’ badge to participate in the auction.

You must have this badge with you to view the vehicle listings and purchase one. In addition, you need a valid state-issued ID or driver’s license to prove you are above 18. The auction is open to both the public and car dealers. Public buyers have to pay 3.75% sales tax, title fees, and processing fees. Meanwhile, dealers only have to pay a buyer fee.

Columbus Fair Auto Auction

Columbus Fair Auto Auction is a full-service on-premise car auction. It holds auctions every Wednesday at its office located on Groveport Road, Columbus. After reaching the auction facility, you have to present your driver’s license as proof of your Social Security Number. Then you will be issued with a bidder badge and pink vest (must be returned after the auction).

Only bidders are allowed on the premises, so you cannot bring a guest along. You will have to visit the office one day before (on Tuesday) to review the vehicle listings. These listings will not be available on auction day. Later, you can make bids to win the auction, purchase a vehicle, and pay the total amount before the next day at noon to avoid a penalty.

Wrapping Up

You can purchase a salvage car at affordable rates and restore its good condition. However, to get a good deal that saves a lot of money, create a budget and conduct vehicle research. Then find the best salvage auto auction, such as ABB, that offers vehicles at wholesale rates to get your favorite car within budget.

Author: Ubongeh